College Advising: What Are Financial Safety Schools?

         With many students applying for Early Action admission, it’s time to talk about financing a college education. If you were a conservative parent or perhaps a CPA, you might have saved $1000 per month every year since your child was born. If you are that parent, you are excused from reading the rest of this blog. Go read the funny papers. You deserve it.

         For the rest of us, the thought of paying for college brings on worry, hope, and stomach pain. We worry that we will never be able to pay the cost of college. We hope that our talented, above-average student will get “a full ride.” (And we all know that “full rides” are hard to find—thus the stomach pain.) At Perfect Fit, we quell these worries by creating a list that includes Financial Safety Schools. Generally, students think of arranging their colleges in order from safeties that are easy to get into, to target and reach schools, which are the harder to get into.  Now let’s make a second list, sorted by price!

         Financial caution keeps both families and institutions strong. If you have a real financial need, follow all the directions on how to apply for aid.  If you can’t afford the full price of college, but also know you won’t qualify for aid, start looking for colleges that you can afford.

         There are two ways to think of price. There is the price tag that you find on the college's website: tuition, room and board, plus additional expenses. Then there is the adjusted price tag for your student. Schools in the Western University Exchange (WUE), for example, will offer in-state tuition to above average California students. The more any school finds you desirable, the more likely it is that they will entice you with a cut rate cost, a special scholarship, or even merit money.

         If you are in a situation where you can pay full tuition (and are still reading this blog), your student has a special advantage. At many schools, “full pay applicants” have an advantage when it comes to admission. But what if you thought you were full pay, and the bottom drops out of the market? Or your income takes a sudden dive, or any other of life’s mishaps come your way?  Every student should have at least one financial safety school on his/her college list, just in case.

         Determining the schools that will be financially safe for your student means looking carefully at many factors.  The easiest way to start is with the mail. If St. Mary’s is sending lots of mail, St. Mary's might offer your student a merit scholarship. Advertising flyers from colleges are generated from questionnaires, the ACT or SAT, by showing interest in a school on line, by meeting a college rep, or visitng a college campus. Mail is an excellent indicator of a college’s interest in your student.

         Choosing to apply and accept a “financial” safety school often means giving up a name brand. The schools that will benefit from your wonderfully qualified student may be schools you haven’t heard of before. Check out:  Hood, Manhattan, and New England College. Closer to home, try: Southern Oregon University (for theater or English), University of Idaho (for business), or the University of New Mexico (for engineering.) You’ll be surprised at their charm and even happier when you see the tuition deals they offer!

--(This blog is an updated reprint from November 2011)

--All the best for your financial future from www.Perfect Fit College.Net